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Schedule 1—Refund of large-scale generation shortfall charge

Schedule 1 Refund of large-scale generation shortfall charge

   

Income Tax Assessment Act 1997

1  Section 11-55 (after table item headed “dividends”)

Insert:

electricity generation

 

refund of large-scale generation shortfall charge ..........

59-100

2  At the end of Division 59

Add:

59-100   Refund of large-scale generation shortfall charge

             (1)  A payment to an entity under section 98 of the Renewable Energy (Electricity) Act 2000 is not assessable income and is not * exempt income.

             (2)  Disregard subsection (1) for the purposes of determining whether an entity can deduct expenditure that it incurs in relation to large-scale generation certificates (within the meaning of the Renewable Energy (Electricity) Act 2000 ).

3  Application

The amendments made by this Schedule apply to payments made on or after 1 January 2019.